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New Castle County's Local Economy
New Castle County has a vibrant economy, and is home to many leading businesses in the pharmaceutical, financial services, life sciences, biotechnology, and clean energy fields. Because of our low taxes, strategic location, and chancery court specializing in business, over 60% of Fortune 500 companies are incorporated and have operations in the state. New Castle County fosters innovation and entrepreneurship, as the home to many smaller and emerging science and technology companies. Our location by the Port of Wilmington and the I-95 corridor makes us ideal for manufacturing and distribution as well.
New Castle County's major employers include:
21st Century Insurance
Agilent Technologies
Alfred I. DuPont Hospital
AstraZeneca
Bank of America
Christiana Care
Discover Bank
DuPont
Johnson Controls
JPMorgan Chase
New Castle Airport
PBF Energy
Port of Wilmington
Saint Francis Hospital
Siemens Healthcare Diagnostics
Summit Aviation
University of Delaware
W.L. Gore and Associates
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Economic Rankings
U.S. Chamber of Commerce, 2010
#1 - Economic Output per Job
#5 - High-Speed Broadband Intensity
#6 - Export Intensity Growth
#7 - STEM Job Creation
Tax Foundation, 2011 Tax Climate Index
#8 - Overall Ranking
#2 - Sales Tax Index
#8 - Property Tax Index
Chief Executive Magazine
#12 - Best States for Business
Milken Institute, 2010 State Technology & Science Index
#10 - Overall Ranking
#3 - Technology & Science Workforce
#11 - Research and Development
Businessweek, Best Small Cities for Start-ups
Newark, Delaware
AAA Bond Rating from Fitch, Moody's and Standard & Poor's
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Tax Structure
Delaware keeps a competitive business advantage by keeping tax rates low, compared to surrounding areas.
Sales Tax
Delaware does not charge sales tax at the state or local levels.
Local Property Tax Rates:
No state property tax levied. Property taxes in Delaware are set and administered by County and school district. The average portion of County property taxes for a single family residence is $503.
State Corporate Income Tax: 8.7%
Individual Income Tax
Tax rates on personal income in Delaware range from 2.2% to 5.5% for incomes under $60,000, and are set at 6.95% for incomes over $60,000.
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DE Taxable Income |
Tax Liability |
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$0-$2,000 |
$0.00% of income |
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$2,000-$5,000 |
$0.00+2.20% of income >$2,000 |
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$5,000-$10,000 |
$66.00 + 3.90% of income >$5,000 |
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$10,000-$20,000 |
$261.00 + 4.80% of income >$10,000 |
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$20,000-$25,000 |
$741.00 + 5.20% of income >$20,000 |
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$25,000-$60,000 |
$1,001.00+5.55% of income >$25,000 |
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$60,000 and over |
$2,943.50+6.95% of income >$60,000 |
No personal property tax on state or local level.
STATE CORPORATE INCOME TAX: 8.7%
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STATE GROSS RECEIPTS TAX:
(Credits available for specific targeted industries and/or targeted census tracts within Delaware) |
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 Manufacturing - 0.144% |
First $1 million in receipts per month not taxable |
Auto Manufacturers - 0.135% |
First $1 million in receipts per month not taxable |
Wholesalers - 0.307% (within Delaware) |
First $80,000 per month not taxable |
Retailers - 0.576% |
First $50,000 per month not taxable |
Restaurants - 0.499% |
First $80,000 per month not taxable |
Food Processors - 0.154% |
First $80,000 per month not taxable |
Farm Mach. Retailers & Comm. Feed Dealers - 0.077% |
First $80,000 per month not taxable |
Grocery Supermarket Retailers - 0.307% |
First $2 million per month not taxable |
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New Castle County's Low Cost of Living and Doing Business
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Category (% Weight) |
Wilmington, Delaware |
Philadelphia, Pennsylvania |
Baltimore, Maryland |
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Composite (100%) |
100 |
118.3 |
111.9 |
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Grocery (13.31%) |
100 |
116.9 |
103 |
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Housing (29.27%) |
100 |
133.7 |
150.9 |
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Utilities (10.22%) |
101.2 |
119.4 |
100 |
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Transportation (9.86%) |
100 |
107.3 |
104 |
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Health (4.23%) |
113.1 |
109.7 |
100 |
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Miscellaneous (33.11%) |
109.4 |
120.8 |
100 |
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Comparison +/- |
- |
18.3% |
11.9% |
Source: ACCRA, 2011. For more comparisons, visit here.
New Castle County Real Estate Rates
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Property Type |
Quoted Lease Rate |
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Office, Class A |
$24.72 / SF |
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Office, Class B |
$20.84 / SF |
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Office, Class C |
$22.04 / SF |
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Industrial, Flex |
$7.02 / SF |
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Industrial, Warehouse |
$4.23 / SF |
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Industrial, Total |
$4.48 / SF |
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Retail, Shopping Center |
$16.01 / SF |
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Retail, Overall |
16.03 / SF |
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(Source: Emory Hill, 2011) |
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Demographics and Population Projections
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Population |
538,479 |
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Households |
195,137 |
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Median Household Income |
$62,051 |
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Land Area |
426 Square Miles |
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Persons Per Square Mile |
1,263 |
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Population, Percentage White (non-Hispanic) |
61.6% |
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Population, Percentage Black |
23.7% |
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Population, Percent Asian |
4.3% |
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Population, Percent Hispanic or Latino |
8.7% |
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Population, Percent Other Races |
1.4% |
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High School Graduates |
87.9% |
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Bachelors Degree or Higher |
32.1% |
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Median Housing Value |
$245,800 |
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Private Nonfarm Employment |
277,797 |
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Retail Sales |
$8.6 Billion |
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Year |
2000 |
2005 |
2010 |
2015 |
2020 |
2025 |
2030 |
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Delaware |
786,408 |
839,924 |
895,173 |
940,449 |
981,922 |
1,019,497 |
1,054,631 |
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New Castle County |
501,855 |
520,929 |
538,170 |
554,405 |
567,764 |
578,739 |
589,267 |
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-City of Newark |
29,367 |
30,334 |
30,486 |
30,604 |
30,715 |
30,830 |
30,947 |
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-City of Wilmington |
72,728 |
72,265 |
73,022 |
72,777 |
72,549 |
72,300 |
72,058 |
Source: Delaware Population Consortium, 2010 Projections |
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Business
Welcome to New Castle County, Delaware, the place where corporations call home! With more than 60% of the Fortune 500  companies incorporated in the State, we have earned the reputation of being the most predictable business regulatory environment in the nation. Our Court of Chancery is nationally recognized for its competence in business law. As a result, many leading edge businesses in the pharmaceutical, biotechnology, and financial services fields have chosen to locate here.
New Castle County is the corporate home to industry giants such as the DuPont Company, W.L. Gore and Associates, and Astra-Zeneca, which are all based in New Castle County. Additionally, Bank of America, ING Bank, Bank One, Chase Manhattan Bank, and Amazon have significant operations located here. These companies take advantage of the many attractive assets that make our area an ideal location for conducting business while enjoying a great quality of life.
We offer a progressive tax structure and an ideal location for conducting business. New Castle County's property tax rate is one-third to one-half lower than the rates in the Philadelphia and Baltimore markets. There is no Delaware state sales tax, and the top corporate tax rate is only 8.7%. Our location ( less than a two-hour drive from both New York City and Washington, D.C. ) offers unparalleled access to our nation's centers of finance and government. And with a population of more than half a million people, we offer a high quality of life, reasonable costs, and an excellent environment for business.
New Castle County has it all - location, opportunity, diversity, and connectivity. Come see for yourself why New Castle County is a place where business is valued and companies succeed!
New Castle County - The Business Destination
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Wilmington & New Castle County, Delaware Lease Rates |
| Rent per sq. ft. per year |
Low |
High |
Vacancy |
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Downtown Office |
| New Construction (AAA) |
$24.00 |
$28.00 |
50.00% |
| Class A (Prime) |
$26.00 |
$26.50 |
15.00% |
| Class B (Secondary) |
$15.00 |
$19.00 |
30.00% |
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Suburban Office |
| New Construction (AAA) |
$18.00 |
$24.50 |
N/A |
| Class A (Prime) |
$22.00 |
$27.50 |
8.00% |
| Class B (Secondary) |
$15.50 |
$21.75 |
14.00% |
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Industrial |
| Bulk Warehouse |
$3.50 |
$5.50 |
11.00% |
| Manufacturing |
N/A |
N/A |
N/A |
| High Tech / R&D |
$6.50 |
$12.25 |
4.00% |
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Retail |
| Downtown |
$8.00 |
$18.00 |
8.00% |
| Neighborhood Service Centers |
$16.00 |
$20.00 |
6.00% |
| Community Power Center |
$15.00 |
$26.50 |
3.50% |
| Regional Malls |
$45.00 |
$55.00 |
N/A |
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Source: Emory Hill, 2007 | |
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New Castle County offers business
leaders a special environment that
emphasizes relationships with
government officials and access to
decision makers. We assist growing
businesses to find the resources they
need to thrive and identify site
development locations. |
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DEVELOPMENT LAND |
LOW
(Price Per Acre) |
HIGH
(Price Per Acre) |
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Office in CBD (Per Buildable Sq. Ft.) |
$15.00 |
$23.00 |
| In Office Park |
$225,000.00 |
$750,000.00 |
| In Industrial Park |
$150,000.00 |
$450,000.00 |
| Office/Industrial - Non-Park |
$150,000.00 |
$375,000.00 |
| Retail/Commercial |
$200,000.00 |
$750,000.00 |
| Residential |
$35,000.00 |
$225,000.00 |
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Source: Emory Hill, 2007 | | |
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